Federal Tax | Cg

16 Dec

RMD Deadline Dec. 31

Posted by cgadmin
December 13, 2021

Retirees: You may need to take required minimum distributions (RMDs) from retirement plans and IRAs by Dec. 31. Generally, RMDs are amounts that must be withdrawn annually from most retirement plan accounts and IRAs...

14 Dec

Federal Tax, Individual Tax, Tax

EIP & CTC Tax Filing in 2022

Posted by cgadmin
December 13, 2021

If you received Economic Impact Payments (EIPs) or advance Child Tax Credit (CTC) payments in 2021, expect to hear from the IRS in January. Letters will be mailed, listing the total EIPs or CTC...

12 Dec

Federal Tax, Individual Tax, Tax

Taxpayer Year-End Reminders

Posted by cgadmin
December 9, 2021

As 2021 comes to an end, the IRS wants to remind you of certain tasks you may want to accomplish before Dec. 31. To reduce this year’s tax liability, charitable donations must be made...

19 Nov

Federal Tax

5 Different Filing Statuses for Federal Tax Returns

Posted by cgadmin
November 17, 2021

Did you know there are five different filing statuses for federal tax returns? They generally depend on a taxpayer’s marital status as of Dec. 31. However, more than one filing status may apply in...

17 Nov

Federal Tax

Infrastructure Investment & Jobs Act

Posted by cgadmin
November 17, 2021

On Nov. 15, President Biden signed the Infrastructure Investment and Jobs Act. The $1.2 trillion law provides money for improvements in bridges, mass transit, rail, airports, ports, and waterways. The bipartisan legislation also contains...

10 Nov

Federal Tax

Special Charity Tax Deduction

Posted by cgadmin
November 8, 2021

As we approach the end of the year, be aware that taxpayers are allowed a special charitable contribution deduction for 2021 even if they don’t itemize. Ordinarily, people who claim the standard deduction on...

08 Nov

Federal Tax

Potential Refunds From IRS Adjusted Tax Returns

Posted by cgadmin
November 4, 2021

The IRS is sending out refunds averaging $1,189 to 430,000 taxpayers. This is the latest batch of refunds based on American Rescue Plan Act (ARPA) changes made after many taxpayers had already filed their...

30 Oct

Federal Tax

Home Office Deduction

Posted by cgadmin
October 27, 2021

Millions of taxpayers still work from home due to the pandemic. This has some wondering if they can claim home office deductions on their 2021 tax returns. Those who qualify may be able to...

25 Oct

Federal Tax

Upcoming Deadline for Quarterly Payroll Tax Return

Posted by cgadmin
October 13, 2022

Employers: The next quarterly payroll tax return is due Nov. 1. The IRS is urging employers to file the returns electronically. In addition, be aware that the tax credits for qualified sick and family...

23 Oct

Federal Tax

Reminder: Check Withholding

Posted by cgadmin
October 20, 2021

Now that the last quarter of 2021 is here, the IRS is reminding taxpayers that it’s a good time to check withholding. Life changes that might’ve occurred in 2021 can affect your taxes. Examples...

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